Tag: Angolan Central Bank

NO MAGIC – ANGOLA’S BANKING SYSTEM IS JUST SMOKE AND MIRRORS

What happened to the US $2 billion injection of funds from Angola’s central bank (BNA) in 2014 that was supposed to refinance the Banco Económico (BE) as it emerged from the ashes of the failed Banco Espírito Santos (BESA)? Surely José de Lima Massano must have some idea? He was Governor of the Banco Nacional de Angola (BNA) then and is again now. Did he keep track of where the money went? Because the BE is failing again and he seems all too ready to throw good money after bad: ordering majority shareholder Sonangol to inject a further US $1.2 billion of public money into it. So who does this bailout benefit? Mr. Massano is the master magician tasked by President João Lourenço with restoring good governance to the Angolan banking system. Is he not up to the job? Or is he actively sabotaging it? According to Diamantino de Azevedo, […]

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Angolan Central Bank US $500 Million Swindle Foiled

The latest episode in the long-running saga of the alleged plunder of Angola’s public coffers has just come to light. Thanks to the diligence of British financial watchdogs and a change of regime in Angola, what is alleged to have been an attempt by the former President’s son to divert US $500 million, with his father’s blessing, looks to have been halted at the eleventh hour. Full details of the alleged fraud have yet to be revealed, but information confirmed by separate sources indicates that the new Angolan President João Lourenço has taken steps to reclaim the funds which have been frozen pending the outcome of an international investigation. A spokesman for the UK’s National Crime Agency told us: “We can confirm that the NCA’s International Corruption Unit is investigating a case of potential fraud against the Angolan government.” The NCA spokesman said they could not provide any further details […]

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When Corruption in Angola is Easier Than in Nigeria

It is an honor for me to be here. I thank Ambassador Lyman and the Council on Foreign Relations for the opportunity to address you this morning. During our civil wars, the government of Angola consistently pointed to corruption as the second major destructive force in the country after the civil war.  Ironically, in times of peace, corruption has become the most defining issue in governing the nation.  It is a common part of business and government relationships. It has taken root throughout our social fabric. It is so pervasive that by the end of 2009 President José Eduardo dos Santos declared a zero tolerance policy against the scourge – a sinister attempt to deflect attention to the problem and to appease his detractors. Since October last year, I set up a website [www.makaangola.org] to monitor corruption in government in the context of the country’s legal framework, and in order […]

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